Hello all.   I am about to purchase my first multi family building (a 3 unit building) with 2 units being occupied. I am in MA and will be an owner occupant.  My question for those in the know is how should I go about a rent increase?
  The exisiting tennets are paying about $800 a piece for a 2B with formal dining room.  I think the market for these units is more like $1000 a month.  I'd be happy with 875-900.
         Both tennents are month to month right now.  I know a big thing in property ownership is holding on to good tennents once you find them.   The current owner says  Unit 2 has been in the house for 5 plus years, the Unit 3, 10 months.  You'd think if they were problems with Unit 2 they wouldn't have stayed for so long.  Unit 3 is the dream tennent who spends 2 weeks a month traveling for work.  Both units were neat and well kept when I looked at the buidling.
    My plan was to set up a meeting with the current tennents once I take owner ship and tell them they are welcome to stay as month to month however the rent will increase by X amount in Y days, and have them sign a month to month lease should they choose to stay.  Is this the fair way to go about it?  Should I make the rent adjustment sooner or wait say 60 days?  Is the norm to wait till an yearly aniversary is reached to make an adjustment (Unit 3 is only 2 months from 1 year)?
    Any input you could share would be great!  Thanks for your time folks!